Home values in Dallas-Fort Worth have met and far surpassed their prerecession levels, according to a June housing report from real estate listing site Zillow.

More than 98 percent of Dallas-area homes are worth more than their peak values before the recession, indicating almost universal recovery from the dog days of the real estate collapse.

Home prices in Dallas-Fort Worth hit their prerecession peak in June 2007, when the median home sold for $158,000. Since then, median local home prices have gained almost 73 percent.

D-FW recovered so well partly because it didn't lose that much ground to begin with, said Zillow senior economist Aaron Terrazas.

"Dallas didn't see the exaggerated bubble and bust cycle that a lot of other markets around the country saw," he said in an email. "Home values only fell slightly during the recession, but have seen some of the strongest growth since then."

Zillow reports the median home value for the metro area as $229,400, an 11.6 percent increase over June 2017.

For comparison, the median home sale price for June 2018 was $273,000, according to MLS data from Metrotex and North Texas Real Estate Information Systems, Inc. That's up by around 7 percent from June of last year and up a handsome 82 percent compared to June 2011, when the median home sold for $150,000.

The price appreciation shouldn't come as a shock. Growth in Dallas, spurred by a healthy economy and an influx of domestic migrants, is blistering; the demand for homes is all-consuming and beyond what the market can supply.

That said, the market showed a marked inventory increase last quarter, and home price increases slipped to 4.6 percent in the same period year over year, less than the national median gain of 6.3 percent, according to an analysis from Attom Data Solutions.

"But [prices have] been growing at a double-digit pace for nearly three years now, dating back to August 2015," Terrazas said.

But generally speaking, the growth is healthy.

Although home values in D-FW have far surpassed their pre-recession levels, today's bull market is nothing like the overvalued real estate market in 2006 and 2007, Terrazas said. A lack of supply is driving price appreciation in the current market rather than the shoot-from-the-hip lending that inflated the bubble before the downturn.

"Mortgage affordability remains very good in the Dallas area: Home buyers today currently spend about 16.5% of their income to buy the median home versus 23.7% historically," Terrazas said. "In addition, we have not seen the types of mortgage lending we saw during the mid-2000s. All of these data suggest that the Dallas market is not in a 'bubble.'"